Bank of New York Mellon Corp. has quickly abandoned a plan to curb employees from working from home after an uproar by staff, according to a report by Bloomberg News.
The news service cited an email by Chief Executive Officer Charlie Scharf, who said he had decided to “hit pause on implementing any changes to remote working arrangements.”
BNY Mellon will take the next few months to reconsider its approach, Scharf wrote in the note seen by Bloomberg.
The decision comes as BNY Mellon has lost two key executives during the past few days. Michelle Neal, BNY Mellon's CEO of Markets, announced this week she is leaving to head up RBC's U.S. FICC business. Monique Herena, who was chief human resource officer and senior executive vice president of human resources, marketing and communications since 2014, is joining American Express as its chief human resource officer.
The bank began its review late last year of whether employees could work from home. Scharf said in the March 6 email that the firm had underestimated the impact the changes would have and “did not intend to eliminate the ability to have remote-working arrangements,” according to Bloomberg. Staff could continue to work from home for now, the news service said.
A BNY Mellon spokeswoman in London confirmed to Bloomberg that Scharf sent the email, and declined to comment further.
